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Debt Obligations
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Obligations
Note 7. Debt Obligations
The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
June 30,
2025		December 31,
2024
EPO senior debt obligations:
Commercial Paper Notes, variable-rates$– $– 
Senior Notes MM, 3.75% fixed-rate, due February 2025
– 1,150 
Senior Notes FFF, 5.05% fixed-rate, due January 2026
750 750 
Senior Notes PP, 3.70% fixed-rate, due February 2026
875 875 
March 2025 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2026 (1)
– – 
Senior Notes HHH, 4.60% fixed-rate, due January 2027
1,000 1,000 
Senior Notes SS, 3.95% fixed-rate, due February 2027
575 575 
Senior Notes LLL, 4.30% fixed-rate, due June 2028
500 – 
Senior Notes WW, 4.15% fixed-rate, due October 2028
1,000 1,000 
Senior Notes YY, 3.125% fixed-rate, due July 2029
1,250 1,250 
Senior Notes AAA, 2.80% fixed-rate, due January 2030
1,250 1,250 
March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2030 (2)
– – 
Senior Notes MMM, 4.60% fixed-rate, due January 2031
750 – 
Senior Notes GGG, 5.35% fixed-rate, due January 2033
1,000 1,000 
Senior Notes D, 6.875% fixed-rate, due March 2033
500 500 
Senior Notes III, 4.85% fixed-rate, due January 2034
1,000 1,000 
Senior Notes H, 6.65% fixed-rate, due October 2034
350 350 
Senior Notes JJJ 4.95% fixed-rate, due February 2035
1,100 1,100 
Senior Notes J, 5.75% fixed-rate, due March 2035
250 250 
Senior Notes NNN, 5.20% fixed-rate, due January 2036
750 – 
Senior Notes W, 7.55% fixed-rate, due April 2038
400 400 
Senior Notes R, 6.125% fixed-rate, due October 2039
600 600 
Senior Notes Z, 6.45% fixed-rate, due September 2040
600 600 
Senior Notes BB, 5.95% fixed-rate, due February 2041
750 750 
Senior Notes DD, 5.70% fixed-rate, due February 2042
600 600 
Senior Notes EE, 4.85% fixed-rate, due August 2042
750 750 
Senior Notes GG, 4.45% fixed-rate, due February 2043
1,100 1,100 
Senior Notes II, 4.85% fixed-rate, due March 2044
1,400 1,400 
Senior Notes KK, 5.10% fixed-rate, due February 2045
1,150 1,150 
Senior Notes QQ, 4.90% fixed-rate, due May 2046
975 975 
Senior Notes UU, 4.25% fixed-rate, due February 2048
1,250 1,250 
Senior Notes XX, 4.80% fixed-rate, due February 2049
1,250 1,250 
Senior Notes ZZ, 4.20% fixed-rate, due January 2050
1,250 1,250 
Senior Notes BBB, 3.70% fixed-rate, due January 2051
1,000 1,000 
Senior Notes DDD, 3.20% fixed-rate, due February 2052
1,000 1,000 
Senior Notes EEE, 3.30% fixed-rate, due February 2053
1,000 1,000 
Senior Notes NN, 4.95% fixed-rate, due October 2054
400 400 
Senior Notes KKK, 5.55% fixed-rate, due February 2055
1,400 1,400 
Senior Notes CCC, 3.95% fixed-rate, due January 2060
1,000 1,000 
Total principal amount of senior debt obligations30,775 29,925 
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (3)
232 232 
EPO Junior Subordinated Notes D, variable-rate, due August 2077 (4)
350 350 
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5)
1,000 1,000 
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6)
700 700 
Total principal amount of senior and junior debt obligations33,057 32,207 
Other, non-principal amounts(324)(311)
Less current maturities of debt(1,623)(1,150)
Total long-term debt$31,110 $30,746 
(1)Under the terms of the agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election provided certain conditions are met).
(2)Under the terms of the agreement, EPO may borrow up to $2.7 billion (which may be increased by up to $500 million to $3.2 billion at EPO’s election provided certain conditions are met).
(3)Variable rate is reset quarterly and based on 3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) plus (a) a 0.26161% tenor spread adjustment and (b) 2.778%.
(4)Variable rate is reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 2.986%.
(5)Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 3.033%.
(6)Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 2.57%.
Variable Interest Rates
The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2025:
Range of Interest
Rates Paid		Weighted-Average
Interest Rate Paid
Commercial Paper Notes
4.50% to 4.68%
4.57%
EPO Junior Subordinated Notes C
7.36% to 7.51%
7.41%
EPO Junior Subordinated Notes D
7.57% to 7.73%
7.61%
Amounts borrowed under EPO’s March 2025 $1.5 Billion 364-Day Revolving Credit Agreement and March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement bear interest, at EPO’s election, equal to: (i) SOFR, plus an additional variable spread; or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) Adjusted Term SOFR, for an interest period of one month in effect on such day plus 1%, and a variable spread. The applicable spreads are determined based on EPO’s debt ratings.
Scheduled Maturities of Debt
The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at June 30, 2025 for the next five years, and in total thereafter:
Scheduled Maturities of Debt
TotalRemainder
of 2025		2026202720282029Thereafter
Senior Notes$30,775 $– $1,625 $1,575 $1,500 $1,250 $24,825 
Junior Subordinated Notes2,282 – – – – – 2,282 
Total$33,057 $– $1,625 $1,575 $1,500 $1,250 $27,107 
March 2025 $1.5 Billion 364-Day Revolving Credit Agreement
In March 2025, EPO entered into a new 364-Day Revolving Credit Agreement (the “March 2025 $1.5 Billion 364-Day Revolving Credit Agreement”) that replaced its prior 364-day revolving credit agreement. As of June 30, 2025, there were no principal amounts outstanding under the March 2025 $1.5 Billion 364-Day Revolving Credit Agreement.
Under the terms of the March 2025 $1.5 Billion 364-Day Revolving Credit Agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of up to 364 days, subject to the terms and conditions set forth therein. The March 2025 $1.5 Billion 364-Day Revolving Credit Agreement matures in March 2026. To the extent that principal amounts are outstanding at the maturity date, EPO may elect to have the entire principal balance then outstanding continued as non-revolving term loans for a period of one additional year, payable in March 2027. Borrowings under the March 2025 $1.5 Billion 364-Day Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes.
The March 2025 $1.5 Billion 364-Day Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement. The March 2025 $1.5 Billion 364-Day Revolving Credit Agreement also restricts EPO’s ability to pay cash distributions to the Partnership, if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom.
EPO’s obligations under the March 2025 $1.5 Billion 364-Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership.
Amendment to the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement
In March 2025, we amended our March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement to extend its maturity date from March 2028 to March 2030. The remaining material terms of the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, as amended, are consistent with those reported in our 2024 Form 10-K.
Issuance of $2.0 Billion of Senior Notes in June 2025

In June 2025, EPO issued $2.0 billion aggregate principal amount of senior notes comprised of (i) $500 million principal amount of senior notes due June 2028 (“Senior Notes LLL”), (ii) $750 million principal amount of senior notes due January 2031 (“Senior Notes MMM”) and (iii) $750 million principal amount of senior notes due January 2036 (“Senior Notes NNN”). Net proceeds from this offering were used by EPO for general company purposes, including for growth capital investments, and the repayment of debt (including amounts outstanding under our commercial paper program).

Senior Notes LLL were issued at 99.869% of their principal amount and have a fixed interest rate of 4.30% per year. Senior Notes MMM were issued at 99.816% of their principal amount and have a fixed interest rate of 4.60% per year. Senior Notes NNN were issued at 99.665% of their principal amount and have a fixed interest rate of 5.20% per year. The Partnership guaranteed these senior notes through an unconditional guarantee on an unsecured and unsubordinated basis.

Letters of Credit
At June 30, 2025, EPO had $35 million of letters of credit outstanding primarily related to our insurance program.
Lender Financial Covenants
We were in compliance with the financial covenants of our consolidated debt agreements at June 30, 2025.
Parent-Subsidiary Guarantor Relationships
The Partnership acts as guarantor of the consolidated debt obligations of EPO. If EPO were to default on any of its guaranteed debt, the Partnership would be responsible for full and unconditional repayment of such obligations.